Vossloh (VOS) Investor presentation summary

Market drivers and positioning

• Population growth, urbanization, globalization and sustainability are driving demand for rail; rail has the best CO₂ footprint among mass transportation modes.

• EU transport emissions were 28% above 1990 levels, while rail-sector CO₂ emissions fell by more than 70% since 1990.

• Rail investment plans include ~€900bn in China through 2035, ~€253bn in India through 2036 and ~€107bn in Germany through 2029.

• Higher traffic density is making track availability a key success factor, increasing demand for efficient maintenance, digital solutions and products that support network capacity.

Portfolio and strategy

• The system-house model spans Core Components, Customized Modules and Lifecycle Solutions, covering track products, project-specific systems and rail and switch maintenance.

• Digital capabilities include 120+ experts, cloud-based real-time monitoring and condition-based, predictive maintenance using track data.

• Sateba expanded the European portfolio with ties, bearers and rail-adjacent products; FY25 revenue was ~€330m, with ~1,000 employees and 4m annual tie capacity.

• Since 2020, sales increased by more than 50% and EBIT by more than 90% through 2025; sales CAGR was 9%.

Sustainability and long-term targets

• Sustainability is embedded in strategy; CO₂ intensity was reduced by more than 19% versus 2024, and 69% of sales were EU taxonomy-aligned.

• 2030 targets include sales above €2bn, an EBIT margin of at least 10% and working-capital intensity below 15%, versus 2025 levels of €1.34bn, 8.3% and 16.0%.

• Average organic sales growth of 5%+ is expected; the long-term EBIT target implies annual EBIT above €200m, supported by growth and working-capital initiatives.